Introducing the Exchange Traded Pieced Loan – An Asset-Backed Security Design with Chinese Characteristics

English Abstract: The author proposes a new type of asset-backed security, called Exchange Traded Pieced Loan (ETPL), designed to address a variety of major issues for savers, lenders, borrowers, authorities and other stakeholders in China's markets for investment and credit. An ETPL's underlying is a standardised commercial bank loan. With loan issue it is ‘pieced': parted into pieces of equal rights and size. A significant number of pieces is then retained by the loan issuing bank, while the remaining pieces are listed on an exchange, where they can be traded between willing buyers and sellers. Standardisation and trading of ETPL assets allow for easier comparability, valuation and transferability of bank assets and encourage better lending decisions. ETPLs also offer the potential to better align the interests of banks stakeholders, leverage bank capital, reduce the importance of shadow financiers to the Chinese economy and further the development Chinese regional exchange venues, while establishing domestic financial centres throughout the country.Chinese Abstract: 作者提出一种新型的资产支持证券,称为交易所交易拼凑贷款（ETPL）,旨在解决储户、放款人、贷款人、当局政府以及其他利益相关人在中国的投资和信贷市场中面临的重大问题。交易所交易拼凑贷款是标准化商业银行贷款的衍生。贷款随着自身的流出被拼凑，分割成为成块的相同的权利和面额。大量的拼凑贷款继而被贷款发放银行保存，这些被保留的拼凑贷款在交易所上市从而可在买家和卖家间交易。标准化和交易拼凑贷款资产的交易为银行资产的比较、估算、转移带来便利，激励更好的贷款决策。交易所交易拼凑贷款也具备潜力更好的调整银行利益相关者之间的利益，利用银行资本，减少影子金融家对中国经济的影响，进一步发展中国区域性交易场所，在全国内范围建立国内金融中心。